Certainly! According to most economists, every society must answer three fundamental economic questions to allocate its scarce resources effectively. These questions are:
- What to produce?
- Which goods and services should the society produce based on its needs and resources?
- How to produce?
- What methods and resources should be used to produce these goods and services efficiently?
- For whom to produce?
- Who will receive and consume the goods and services produced in the society?
These questions help determine the economic structure and priorities of any society.
